British pension funds are pouring unprecedented billions into hedge funds, according to a new survey.

Schemes have added about £12 billion to the asset class, while the overall allocation to hedge funds has jumped to 4.1%, an increase of more than 50% in the past year alone. All told, according to the National Association of Pension Funds' annual survey, U.K. pensions have almost £33 billion invested in hedge funds.

Indeed, hedge funds have actually become more popular among British hedge funds than private equity this year. The overall private equity allocation among NAPF final salary members rose by more than a quarter to 3.8%, a shade behind hedge funds' 4.1%.

While alternatives were the biggest beneficiaries last year, U.K. equities took the biggest hit, with allocations dropping from 17.1% to just 12.2% among British pensions.